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Bank of America discloses New Blockchain Patent targeting cash handling

BlockClutch Team



Bank of America (BoA) needs to patent a method utilizing blockchain technologies to boost money handling, a new program printed Dec. 25 supports.

Originally filed in June 2017, the patent references “banking systems controlled by information bearing documents ”

“Aspects of this disclosure link to deploying, configuring, and using cash managing devices to supply dynamic and flexible operating purposes,” its subjective notes.

Also Read: Ex-CIA Official says Blockchain is ‘Biggest Threat’ to Future of US National Security

BoA clarifies there stay communication difficulties in facets of money managing responsibilities across banks’ big surgeries and indicates blockchain might help facilitate these.

“Money handling devices might be utilised in managing centers and other places to provide a variety of purposes, like easing cash deposits and withdrawals,” the patent record persists.

“In several cases, but it could be tricky to incorporate such money managing devices with specialized infrastructure which supports banking operations and other operations while also maximizing the efficient and effective technical operations of the money handling devices and assorted related systems.”

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BoA has sought to measure its attempts to overthrow intellectual property in the blockchain world over a previous couple of decades.

In November, the lender was demonstrated to possess the maximum such blockchain patents in over 50, amid interest as to if it would place all to utilize in the long run.

While eager on the blockchain, BoA has embraced an extremely risk-averse stance on cryptocurrency, becoming among the few associations to enact bans on related fiat purchases by customers earlier this season.


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